CFPB Reports Credit Applications Have Recovered to Pre-Pandemic Levels; Releases Tool to Help Renters And Landlords

On July 27, 2021, the Consumer Financial Protection Bureau (CFPB) provided insight into the economic recovery by issuing a press release regarding the state of credit applications. On July 28, 2021, to further the goal of helping consumers navigate the (hopefully) post-pandemic world, the CFPB issued a press release unveiling a tool to help renters and landlords access federal assistance.

Credit Applications

According to the CFPB’s July 27, 2021 press release, by May 2021, consumer applications for auto loans, new mortgages, and revolving credit cards had mostly returned to pre-pandemic levels. Prime and near-prime consumers are driving the recovery; subprime and deep-subprime applications remain down.  As with previous reports from May and December 2020, the CPFB noted an increase in credit applications, particularly from borrowers with below prime credit scores in conjunction with federal stimulus payments.

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